This is the most important economic chart for the next few months.
Wages are back to growing faster than inflation.
People may start to see their budgets stretch further, and that could be a huge psychological boost for Americans (especially if companies keep hiring)
$COIN above 80 is a pretty compelling chart, completing a breakout from a 13-month basing pattern. Further move to the August 2022 highs would be another 30 points or about 35%! Follow-through in names like $COIN is what will help $ARKK shine: https://t.co/r9XVJRjiTU
🇺🇸 At least three reasons can explain why the #Fed is likely to raise rates in July despite multiple signs of disinflation:
1/ There is no sign of abrupt worsening of labour market conditions (lagging indicator)
2/ House prices have remained resilient over the past few months amid low inventories
3/ US Financial Conditions have improved since the end of May (see Bloomberg index) ⬇
Overbought cluster on $SPX at the 78% retracement level of the 2022 correction AFTER 3 months on current intermediate rally. The day is not over but something to keep an eye on if we end up closing at or near the day's intraday high
Maine cannabis sales getting wicked high
A whopping $18.4M was spent on retail cannabis in June, surpassing May’s record of $17.2M.
#Maine#Cannabis
https://t.co/Qd0Fzore9D
EIA reports a 6m bbl increase in #crudeoil stockpiles with import and exports both lower, leaving the net up by 0.6mbp. #gasoline unch and distillates up 4.8m bbl. Production adj lower by 0.1mbd while refinery demand rose but remains below last year on a seasonal level. Some 0.4m bbl left SPR #oott
It's hard to find anything in the #CPI data for the Fed not to like. This is the Cleveland Fed's Trimmed Mean CPI (excluding outliers in both directions). Last month, it increased at an annualized rate of less than 2%:
$SPX Bullish Percent Index now above 70%. This means the market is going up! When this goes back below 70% (which can take weeks!) that usually means pullback mode has commenced. $BPSPX
#cpi CPI YoY declines to 3.00% (below 3.01%) first time in 2-years.
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